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Generali Is Shuttering Its Insurance Business in Panama and Colombia

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Generali ups stakes in Panama, Colombia

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THE LION of San Marcos is about to disappear from the Panama business scene as insurance giant Generali  pulls in its claws and withdraws from 13 countries, including Panama.

The shrinking of operations comes as Generali, Italy’s largest insurer, asks the Rothschild bank  to find buyers for its subsidiaries in Colombia, Ecuador and Panama, among markets in which it does not have a large  business participation.

Logo-Pequeño-fondo-rojo-300x243.jpgThe company is seeking to raise about 1 billion euros ($ 1.1 billion) by abandoning 13-15 countries in an effort  to cut costs and improve revenue.

Generali will continue to invest in  large Latin American markets such as Brazil and Argentina.

Operations in Colombia, Ecuador and Panama are too small to justify the presence of the company in these markets.

The Rothschild bank is in the process of searching for potential bidders for the assets in those three countries, and a packet of information has already been sent to potential stakeholders. Generali’s plans also include divesting businesses in Countries such as Holland, Belgium and Portugal.

The company was founded in 1831 under the name Assicurazioni Generali Autro-Italiche and three years later it was established in Spain.

In 1848 it changed its name to Assicurazioni Generali and adopted the lion of San Marcos as its logo.

 

http://www.newsroompanama.com/business/panama-4/generali-ups-stakes-panama-colombia

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3 minutes ago, Brundageba said:

Anybody know what this means for those currently insured with them?

Probably nothing, Allison.

The company didn't go bankrupt, they are just looking for a buyer.

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Come renewal time, might be a good time  for us to consolidate the cars' policies and get another insurer. Just a thought.  One comes up in May the other September..which was always a bit of a pain in the tail.

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Generali signs $172m agreement to sell Panama business

Added 8th August 2017

Generali has entered into an agreement to sell its business in Panama, the latest in a series of exits from Latin American markets for the Italian insurer.

 

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The company will sell its Panama City branch, including its insurance portfolio, to ASSA Compañía de Seguros for around $172m (£131m, €145m).

Based in Panama City, ASSA was founded in 1982 and offers life and general insurance products in Costa Rica, Nicaragua, El Salvadore and Guatemala.

Through ASSA, Generali confirmed it will, however, remain active in Panama with its international business lines, namely Generali Employee Benefits, Generali Global Corporate & Commercial and Europ Assistance.

Generali has operated in Panama since 1970, mainly in the property and casualty insurance segment.

Efficiency increase

The disposal, which is still subject to regulatory approvals, is part of Generali's strategy to slash costs and boost profits by pulling out of smaller markets.

Last month, the company announced it had completed the sale of its business in Guatemala and signed an agreement to dispose of its Colombian division.

“We are making good progress in the optimization of our geographical footprint,” said Frédéric de Courtois, chief executive of Generali’s global business lines & international.

“We just announced the disposal of Colombia and the transaction of Guatemala and this deal will further help us to achieve our targets and to pursue our strategy to make Generali a simpler and smarter company”.

Earlier in the year, international news agency Reuters reported that the insurance giant has asked advisory bank Rothschild to find a new owner for its subsidiaries in Colombia, Panama and Ecuador.

There is speculation that the company’s branch in the Ecuadorian capital of Quito could be the next to go.

 

http://www.international-adviser.com/news/1037429/generali-signs-usd172m-agreement-pull-panama

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